New Delhi: President Ram Nath Kovind on Sunday said the Indian economy is set for a surge with the GDP size expected to double to USD 5 trillion probably by 2025. He was speaking after launching the platinum jubilee celebrations of chartered accountants' apex body ICAI.

"Indian economy is set for a surge and in the next decade, probably even by 2025, India is expected to double the size of the GDP to USD 5 trillion," Kovind said.

Emphasising that adherence to fair taxation system is much more than merely providing revenue to the government, Kovind said chartered accountants are the watchdogs of public trust and have a key role to play and are facilitators of tax payers as well as taxation system.

Speaking on the occasion, Minister of State for Corporate Affairs P P Chaudhary mentioned about Prime Minister Narendra Modi's speech on July 1 last year, where he had described chartered accountants as doctors responsible for the economic health and well-being of the society.

"He had also said that our chartered accountants are known all over the world for their excellent financial skills.

"While mentioning various steps taken by the Union Government against the black money, he had urged the chartered accountants to introspect and weed out corrupt practices from their fraternity. He had also urged the chartered accountants to advise their clients to follow the path of honesty," the minister said citing the Prime Minister's speech.

The Prime Minister's words continue to be true even to this day, Chaudhary said.

According to Chaudhary, the government's fight against black money is continuing and that around 2.25 lakh suspected shell companies have been identified. These entities are being analysed and suitable action would be taken, he added.

Minister of State for Communications Manoj Sinha said that frauds in banks and people involved in setting up of shell companies need to be dealt with sternly.

On a personal note, the minister said that he sometimes feels that there is a need for the ICAI to work towards getting rid of those elements that have strayed away from the principles of the institution.

ICAI President Naveen N D Gupta said the world congress of accountants would be held in India in 2022. The Institute of Chartered Accountants of India (ICAI) has more than 2.80 lakh members.